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CBRE Announces Sale Completion of Ross Dress for Less Retail Site for Approximately $18 Million

CBRE Group, Inc. announced the sale of Ross Dress for Less retail site in Los Angeles to SAFCO Capital Corporation, a California-based real estate investment company, for approximately $18 million. The property traded at a record low cap rate of 4.68 percent.

The building, located at 2021 West Pico Boulevard, sits within the Pico Union District of the City of Los Angeles, one of the most densely populated trade areas in Southern California. The property sits within minutes of LA Live, the Los Angeles Convention Center and Staples Center. Ross currently has seven years left on its initial lease term. The building is situated at the intersection of Pico Boulevard and Alvarado Street with a tremendous amount of pedestrian and vehicle traffic throughout the day and evening.

“Through our extensive marketing efforts and systematic process, we were able to achieve multiple offers, all at record breaking prices,” said Flores. “Ultimately we chose the buyer with a proven track record, willing to close in the shortest time frame and with a strong understanding of the local trade area.”

The Los Angeles retail market experienced positive momentum at the end of 2016, which is expected to carry into 2017, according to CBRE Research. The market's large and diverse population, thriving tourist industry, and solid market fundamentals will aid in healthy leasing activity. Occupancy levels are expected to remain steady over the next 12 months, even with new construction deliveries, while rents are projected to increase another 1.3 percent.